According to CBS MoneyWatch, there are 5 reasons not to get a law degree !
These five reasons are very articulately expressed and raises questions on whether or not many pre law students know about what they are getting themselves into. Many law schools misrepresent their employment figures, there is a glut of attorneys, the tuition is expensive, and the opportunity costs do not offer a solid ROI.
One of the people who commented on the article is a graduate of a Top 10 law school in the country. She even goes on to discuss the grim financial realities for law school graduates and has a blunt way of describing the situation,
"If people knew just how horrendous the employment situation was at my law school, one of the top ten in the nation, they would not even think of going to a 3rd or 4th tier law school, i.e., outside the top 100...
Again, this is happening at a top ten law school, where, with a lot of luck, I have managed to land the job I wanted. If you can get into a top fourteen law school (fourteen has historically been the magic number), law school is probably still a gamble worth taking. A top-fifty, tier one school might also make sense if you can beat out 75-90% of your peers there. But whomever is thinking of going to a 3rd or 4th tier school, I would seriously advise to reconsider. You will struggle madly for three years, only to realize at graduation that you have just been digging your own financial grave."
Speaking of graves, the BLS published its January jobs report today, with only a grave 36,000 jobs created last month. It seems that much of the data was not properly recorded since there was a massive snow storm and blizzard in the midwest that has caused so much havoc and many employers did not get a chance to submit their responses to the BLS survey. Ironically, the US unemployment rate dropped to 9 % from 9.4% in December. This is the lowest level of unemployment in the past 21 months, so hopefully the worst of the "Great Recession" is over!
Many people are still unemployed and frustrated with their financial situation. This not only applies to unemployed legal professionals, but also everyone in corporate America across the nation. Many are scared and frustrated of the what the future will bring. Many don't know how to pay rent, put food on the table, or provide for their families. Sadly, many are even turning to suicide. To all the undergraduate students reading this blog, please think long and hard before taking out massive student loans to gamble away your future.
Recently, on other student loan scamblogs, I have read about young people who talk about suicide. It is very scary and not a laughing matter. You may think I am just a poor unemployed paralegal, but I don't want you to end up contemplating suicide because of your own financial difficulties from legal education. Even if you are an undergraduate who has a lot of student loans and can't get a job after college, don't run away to law school as an "Escape"! Hiding in school for 3 more years, deferring your undergrad loans and taking on more debt won't make your life any easier. You may think it will be tough to pay back loans and struggle financially, but taking out 200k in law school debt from a non elite law school won't solve your problems. Sure, you can defer your loans, but it all catches up to you.
Don't be afraid of the joining the real world after college and remember, there is always a way out of your problems!
-The Poor Paralegal